How much equity after 3 years

afcno9

Hello all, a bit of a stupid question but. It will be three years soon that myself and my OH have been paying our 68,000 mortgage at 3.9% fixed rate. Does anyone have any idea how much if any we will get back if we sell now? (It is currently on the market).

Many thanks!!!!!!!!

bryanb

Equity depends on the price you sell for.You will have to pay off the mortgage in full including any extras which were part of the deal.

allan673

depends on what you paid for the house, what its worth, what you sell it for, any redemption fees????????

afcno9

My apologies. We bought the flat for 118,000. 68,000 was our mortgage and 50,000 was from a key home buy scheme. We will have to give key home buy the percentage profit that 50,000 is of 118,000 (42% ish ?). We are hoping to get 150,000 or just a bit more perhaps. What I was really wanting to find out was of the £350 p/m we pay what % is actualy paying of the £68,000 mortgage if any?

Gorgeous_George

If the £68,000 was a 25 year repayment mortgage at 3.9%, you have £62,884 of it left to pay after paying £355.19 for three years.

Sell at £150,000 and I make it that your share of the equity is £23,557 (after paying your mortgage off but excluding expenses).

Have you got any extended tie-ins? These might put a spanner in the works.

GG

afcno9

GG thats very kind of you to work that out for me. To be honest i'm not entirely sure about tie ins but I spoke to the bank last summer about how much we would be charged if we sold the property before the 3yrs was up and i believe it was somewhere in the region of 2k.

afcno9

I have just realised that it is 4 1/2 yrs of a 5 yr fixed mortgage, Doh! Can anyone work out what we have paid in already?

jarjar_2

You could ask your lender for a redemption figure the difference between the value and red figure would be yur equity but remember there will be fees for buying a new house if you think about moving!

Gorgeous_George

afcno9 wrote: »

I have just realised that it is 4 1/2 yrs of a 5 yr fixed mortgage, Doh! Can anyone work out what we have paid in already?

If the £68,000 was a 25 year repayment mortgage at 3.9%, you have £60,093 of it left to pay after paying £355.19 for 4.5 years.

After five years you will still owe £59,126.



GG